Washington, D.C. — The SCORE Association, "Counselors to America's Small Business" provides "10 Tips to Starting a Business" to those who are beginning to feel a pull toward entrepreneurship now that many corporations are forecasting lost profits and hard-times ahead.
Entrepreneurship was a contributing factor in stabilizing a recession economy in the early 1990s according to a Small Business Administration report. In the report, The New American Evolution: The Role and Impact of Small Firms, the U.S. economy was reinvented, "by fostering and promoting entrepreneurial activity." Small business employment increased by 1,880,000 (36.8 percent) over five years between 1990 and 1995.
As a small business market leader, SCORE offers "10 Tips to Starting a Business" to those looking for the alternative to employment—business ownership.
1. Find your talents.
Identify your life's passion and think of it in terms of profit. It may be product-oriented or service-oriented.
2. Conference with your colleagues.
Talk with mentors, friends, family and a SCORE counselor about your start-up ideas. You'll want their support or suggestions before you dive into the business.
3. Do your research.
Learn the ins and outs of this business by attending a few association meetings, local networking groups or by talking with business owners in similar fields. Research the industry on the Internet and investigate the competition.
4. Money—before and after.
Analyze your financial resources before you sink your savings into your business venture. (Identify where your money is spent and saved…if this business isn't an instant success, where will you find grocery money?) Identify your business start-up and ongoing costs. Determine how much you'll need to support yourself or your family.
5. Keep records.
Complete, accurate records are needed to file taxes and properly manage your bank accounts. Also record business transactions, new business ideas and business mistakes. All these records can provide guidance in the future.
6. Free counseling from SCORE.
Meet with a SCORE counselor-face-to-face or via email-and elaborate on your business ideas. An experienced business owner, such as a SCORE counselor, can assist with business planning and forecasting and identify scenarios you may not have considered.
7. Family life.
Discuss the possible lifestyle, financial and emotional changes your family will encounter. Bring all concerns out in the open and make sure everyone is behind your decision.
8. Self Evaluation.
Evaluate your personal strengths and weaknesses (motivation, organization, stamina, self-starting).
Decide where you will find the capital, equipment, employees and vendors you'll need. Be sure to have back-ups.
10. Remember your reasons.
Before starting a business, write down WHY you elected to start your business. Keep that in mind at all times